ExxonMobil fined $11.9 billion in gas royalty dispute

11/24/2003
A jury Nov. 14 ordered ExxonMobil Corp. to pay $11.9 billion in damages to Alabama after finding the company committed fraud by underpaying gas royalties for Mobile Bay state leases.The punitive damages were $2 billion higher than even the state had asked for and ExxonMobil officials said the verdict was excessive and it would appeal."The company did not engage in fraud, no evidence of fraud was established at trial, and fraud should never have been considered by the jury," said Sam Franklin, lead counsel for ExxonMobil. "The punitive award in this case defies common sense."In addition to being unjustified, the $11.9 billion punitive award is excessive—more than 180 times the $63.5 ...
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